The Martin Lewis Podcast Pensions Special: Double your investment, how to start one, are workplace pensions good, consolidation & more
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Feb 13, 2025 In this insightful discussion, Charlotte Jackson, Head of Guidance Services at Money Helper, shares her expertise on pensions. Discover how two key pension superpowers can double your investments and whether you should stick with your workplace pension. She dives into the importance of starting a pension for your child, the differences between various pension types, and the benefits of pension consolidation. Plus, learn about the guidance available for both self-employed individuals and those looking to navigate the complexities of retirement planning.
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Pension Superpowers
- Understand pensions' two superpowers: pre-tax contributions and employer matching.
- Pre-tax contributions mean you save more than you lose in take-home pay.
Hidden Pay Rise
- Don't reject employer pension contributions; it's a hidden pay raise.
- Firms must contribute by law, boosting your long-term savings significantly.
Maintain Minimum Contributions
- Avoid opting out or reducing pension contributions below minimums due to cost-of-living pressures.
- Doing so may cause loss of employer contributions, negating long-term benefits.